Wednesday, May 22, 2024

Riot and Hive Blockchains Surge as Bitcoin and Ether Prices Soar

Two blockchains, Riot and Hive, surged drastically in the last 24 hours, beating their crypto mining peers. Most surprisingly, their surge took place at a time when two of the most popular cryptocurrencies, Bitcoin (BTC) and Ether reached their all-time high.

The shares of Riot blockchain rose more than 6 percent. However, the shares of other bitcoin miners saw little change compared to Riot. During this time, bitcoin, which is the largest cryptocurrency in terms of market capitalization, was trading at a figure above $67,000.

Northern Data, a German crypto miner that sold its mining facility in Whinstone in Texas to Riot Blockchain for about EUR 550 million, saw a noticeable surge in Europe. This happened after the company got KPMG’s audit approval for 2020. The data center operations of Northern Data were handed over to Riot in April. The company also said that it will hold 12 percent of the total outstanding stock of Riot. Currently, Northern Data has 1.25 million stocks of Riot Blockchain.

Hive Blockchain, one of the biggest miners of Ethereum (ETH), also saw a considerable surge in its price. It rose 6 percent, marking an impressive surge, as ether reached its record-breaking high and was trading at circa $4,800. Currently, Ethereum is taking the shape of a proof-of-stake blockchain, allowing people to own “building blocks” of the crypto ecosystem. The transition should make the cryptocurrency more environmentally supportive, and the growth of nonfungible tokens (NFTs) is likely to push the transaction volume of Ethereum further up.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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